Wentworth Resources has announced the results of an independent evaluation of its gas reserves within the Mnazi Bay Concession in Tanzania, carried out by RPS Energy Canada Ltd have put the value at $152.9 million after tax.
This is the first independent reserves attributed to the Company’s Mnazi Bay gas fields with Wentworth holding a substantial 31.94 percent withholding interest in production equivalent to 141.5Bscf (2P) gross reserves. RPS Energy also placed the value of the entire field at 443Bscf (2P) equivalent to 73.8MMboe.
The assessment comes as Production in Tanzania becomes imminent and the company already having a gas sales agreement in place and the facilities required to produce these reserves are nearing completion.
According to Geoff Bury the Managing Director at Wentworth Resources the evaluation of gas reserves is an important step as the company comes closer to production.
“We are very pleased that we now have reserves associated with our Mnazi Bay concession. This is a further step towards bringing our gas on stream and follows on the heels of the signing of our gas sales agreement (GSA) last year, and the ongoing implementation of the field infrastructure,” says Bury.
Marel et Prom is the operator at the Concession with 60.075 percent interest through exploration and 48.06 percent through production while the Tanzania Petroleum Development Corporation holds the remaining 20 percent.